Gold Price Rebound Stops at the 50 Daily SMA
Gold has rebounded off the 100 SMA last week reaching $2,031 but the climb stopped at the 50 daily SMA
Skerdian Meta•Tuesday, February 20, 2024•1 min read
 acting as support amid fluctuations in market expectations regarding FED rate cuts.</p><p>The daily chat above may show resistance near the $2,055-60 trendline barrier, but before that Goldbuyers are facing the 50 SMA (yellow) which is limiting upward momentum for the time being. However, price hasn’t retreated too much from the 50 SMA and the daily <a
title=candlestick href=https://www.fxleaders.com/forex-strategies/technical-forex-strategies/candlestick-trading-strategy/ >candlestick</a> is looking bullish.</p><p>Despite that, the overall resilience of Gold amid market volatility suggests a positive outlook for the precious metal. So, chances are that we might see a break of the 50 daily SMA tomorrow. Otherwise, we will open a long term sell <a
title=)
Gold signal id buyers fail to break the 50 SMA tomorrow and we will target the 100 SMA at the bottom.Gold Live Chart XAU
GOLD
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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